Will I be expected to pay for a further 12 months if I have no equity ?

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Chris.12

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Post by Chris.12 » Mon Sep 01, 2014 3:46 pm
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I have one IVA payment left (60 month IVA) & I have been asked to value my flat, I have done this and I have no equity at all as I was in neg equity when I took out the IVA during the recession, will I be expected to pay for a further 12 months? or is this only if I had equity I couldn't release?
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Michael Peoples

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Post by Michael Peoples » Mon Sep 01, 2014 4:36 pm
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This should be the end of the IVA if there are no arrears of payments, overtime etc. Ring your own IP for confirmation so you can cancel any standing order or direct debit.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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lou3

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Post by lou3 » Tue Sep 02, 2014 11:48 pm
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What does it say in the proposals?
There are a number of different standard clauses, some state you only pay longer if there is equity that could be released, some state that even this is only if the equity is over £5000, others state that if there is no equity you pay for an additional 12 months. You will get your answer by looking at your paperwork.
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